Should I start my own business or take up a franchise?

This is a difficult question as successful franchise ownership requires a certain attitude. This attitude requires a successful combination of a strong entrepreneurial spirit with the desire to follow a proven system.

 

The franchisee, which will miss this attitude, will have a hard time dealing with the fluctuations in profit-margins and other business risks. The franchisee that has no discipline and desire to follow the franchise system will alienate him or herself from the franchisor and fail to deliver experiences customers expect from the brand.

 

Here are the top three questions you should consider when deciding between owning a franchise and starting your own business.

 

Do you have those qualities of an entrepreneur?

 

Act quickly to different situations or take full responsibility of your business?

 

How much control do you need over the business?

 

If you are constantly looking to improve, make changes or improvements in the system and prefer full control, franchising is probably not for you.

 

How much risk are you willing to assume?

 

Owning a franchise system allows you to minimize the risk that one usually faces as a business owner.

 

While these questions can help you safely determine whether franchising is the right option for you, but they do not help determine what kind of franchise is right for you.

 

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